The precision and discovery potential of a neutrino factory based on muon s
torage rings is summarized. For three-family neutrino oscillations, we anal
yze how to measure or severely constrain the angle theta (13), CP violation
, MSW effects and the sign of the atmospheric mass difference Deltam(23)(2)
. The appearance of "wrong-sign muons" at three reference baselines. is con
sidered: 732, 3500 and 7332 km. We exploit the dependence of the signal on
the neutrino energy, and include realistic background estimations and detec
tion efficiencies as well. The optimal baseline turns out to be O(3000 km).
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